If you work abroad and you need to send money home, there are many possible ways to do so. Whether you are sending money in a different currency or the local currency at the exchange rate that you have back home, you can take advantage of these money transfer techniques:
- Postal Money Order – probably the easiest and the most practical way to send money abroad is to use postal money order. You may send money from the currency and exchange rate of the country you wish to send to or in US dollars. Prepare the amount that you want to send and be sure to prepare an extra amount for processing fees and handling fees; this amount may depend on where you are located and where you want to send money to. Fill out a postal money order form, make sure you have all contact information correct so your recipient may receive the money order as soon as possible. You may also purchase additional protection for your order through a certified mail however; this may not be available in all countries. Ask for a receipt.
- International wire transfer – this is one of the most convenient ways to send money abroad but it could be very expensive. Talk to your recipient and explain that you will send money from your bank to be received through his local bank account. Ask for his bank account number, bank’s name, the bank’s routing number. You also need to provide your bank’s name, your complete name, the amount you are transferring and any contact details to your recipient. Be sure to have all this information correct or the transfer will not push through. Your bank manager will assist you in filling out a money transfer form and along with the amount you will transfer, you also need to pay for a service fee or a transfer fee. Your recipient should be able to receive the amount within 24 hours or on the next banking day.
- Online Money Transfer – just like wire transfers, online money transfer may take less than a day but it may also be expensive. The most popular and probably the most trusted name in online transfers is Western Union. Resister online for a Western Union account in their official site; you may also go to a local Western Union agent to help you if you don’t have internet connection. You may transfer money in your own currency and exchange rates or you may transfer in UD dollars instead. Just fill out money transfer form and indicate the name, address, the amount you want to transfer and contact details of your recipient. Once the transfer has been completed, you will be given a transaction number, provide this number to your recipient so he may claim it from a local Western Union agent in his location. Inform your recipient your full name, address and contact details in case the local agent needs to check the payment out.
Written by James Wilson on behalf of www.exchangerates.uk.com where you can find bespoke currency tools and news.